Breaking News: FG, States, LGs Share N511.8bn July Revenue

The Federal Government, 36 States and FCT, as well as 774 Local Governments on Wednesday shared a total revenue of N511.8 billion for July, 2015.

The Permanent Secretary, Federal Ministry of Finance, Mrs Anastasia Nwaobia, announced this at a press briefing in Abuja on the outcome of the Federation Accounts Allocation Committee (FAAC) meeting.

According to her, the amount shared comprised the month’s net statutory revenue of N433.5 billion.

Nwaobia also disclosed that there was an outstanding exchange gain of N6.4billion and another N6.3 billion refunded by Nigerian National Petroleum Corporation (NNPC) which were proposed for distribution.

“Therefore, the total revenue distributable for the month of July including VAT of N74.9 billion is N511.8 billion,” she said.

She gave the breakdown of the money shared as follows: Federal Government received N202.1 billion, representing 52.68 per cent; states, N102.5 billion, representing 26.72 per cent; local governments received N79 billion, amounting to 20.60 per cent of the amount distributed.

N28.2 billion representing 13 per cent derivation revenue, she said, was shared among the oil producing states, while the VAT N74.9 billion net revenue collected for the month showed an increase of N9.9 billion from what was collected in the preceding month.

Nwaobia said that the country got N228.8 billion as mineral revenue and N190.2 billion as non-mineral revenue in the period under reference.

She said that the balance in the Excess Crude Account as at Wednesday was 2.25 billion dollars, showing a slight increase from the 2.20 billion dollars balance present in the preceding month.

The Permanent Secretary who decried the low revenue generation for the month, however, explained that this was due to the shut down and shut-in of production for maintenance and emergency repairs as well as declaration of “Force Majeure’’ by Shell Petroleum Development Company.

She also attributed an additional revenue loss of 22.5 million dollars to the drop in average price of crude oil from 65.7 dollars per barrel to 61.2 dollars in June 2015.

Author: newsadmin2

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